Omnivore Capital has made its debut deal by picking up a 33% stake in weather forecasting company Skymet for an undisclosed amount. Omnivore Capital is a early stage investor fund backed by Godrej Agrovet Ltd. It focuses on agriculture technology companies only.
Based in Noida, Skymet is India’s first private weather forecasting company. It provides customized solutions to its clients depending on their requirements. Skymet will use the funds to expand the research and development. The aim is to improve the weather forecasting accuracy for short term forecast. The company wants to eventually start long term forecasting services as well. Part of the funds will also be used for sales team expansion and for building consumer applications. Majority of Skymet’s revenues comes from agriculture based forecasting while telecom and power sector are other key customers. Hindustan Times, Mint, Times Now and Bayer are also some of the Skymet customers.
Omnivore Capital has raised Rs 250 crore fund and plans to have a portfolio of 10-12 investments of about Rs 25 crore.